“We have successfully completed the organizational restructuring of the company, with every employee now singularly focused on execution”, commented Andy Mooney, Chairman and Chief Executive Officer of Quiksilver, Inc., adding: “Despite a challenging year, we significantly reduced costs and inventory levels, and are excited about our 2015 product offerings. Retail response to our Spring 15 product lines across all brands has been encouraging, with feedback on Fall 15 even more positive. Along with more than 160 million US dollars of liquidity at year end, we have a strong foundation in place and anticipate revenue stabilization and significant pro-forma adjusted EBITDA growth in the coming year.”

As recently announced, the company has reached a definitive agreement to sell its majority ownership interest in Surfdome for net proceeds of approximately 16 million US dollars. As a result,Quicksilver has reclassified the current and prior year operating results of Surfdome, along with its previously divested Mervin and Hawk businesses, as discontinued operations and presented results represent the company’s continuing operations.

Quarter Results
Reported net revenue reached 401 million US dollars compared with 476 million US dollars in similar period last year, which represents a decrease of 11%. Revenue in the Americas totaled 172 million US dollars, down by 18%. EMEA net revenue reached 156 million US dollars, down by 3%. Also in the Asia Pacific region a decline was registered (10%) with revenue generated reaching 71 million US dollars.

In terms of the revenue performance by brand, Quiksilver net revenue had the biggest drop, falling by 12% and totaling 156 million US dollars, followed by DC (down by 14%, it reached 124 million US dollars) and Roxy (down by 6%, it totaled 112 million US dollars)

The wholesale network continues to be the most important distribution channel, generating 280 million US dollars worth of revenue, followed by retail (102 million US dollars) and ecommerce (15 million US dollars).

Full Year
Net revenue for the full fiscal year totaled 1.57 billion US dollars, down by 11%. The Americas region is the most important one in terms of net revenue reported, totaling 723 million US dollars, followed by EMEA (584 million US dollars) and APAC (262 million US dollars).

All brands had declining revenue: Quiksilver was down by 10% (totaling 628 million US dollars); Roxy was down by 4% (reaching 480 million US dollars) and DC by 19% (totaling 427 million US dollars).

For the full year, wholesale net revenue reached 1.04 billion US dollars compared with 1.29 billion US dollars, followed by retail net revenue (445 million US dollars) and ecommerce (77 million US dollars).

Apparel and accessories net revenue totaled 1.17 billion US dollars compared with 1.35 billion US dollars in the previous fiscal year. Footwear net revenue reached 397 million US dollars, down by 12%.